Lottomatica and CIRSA Announce Merger to Form Global Giant

Italian operator Lottomatica and Spanish operator CIRSA announced a merger agreement on September 2, combining companies whose trailing 12-month adjusted EBITDA totals approximately €2 billion, a figure that would position the merged entity as the second-largest publicly traded gambling operator in the world behind Flutter, according to the companies' presentation materials.

The two sides expect to complete the transaction in Q2 2027, pending final regulatory approvals. The combined company will retain the name Lottomatica Group S.p.A., keep its headquarters in Rome, and continue trading on the Euronext Milan stock exchange, with an additional listing planned in Spain. CIRSA will join Lottomatica through a share exchange, under which Lottomatica shareholders will hold 67.5% of the combined company and CIRSA shareholders will hold the remaining 32.5%.

The merger significantly consolidates market share among Europe's largest gambling operators, creating a company with substantial scale across both Italian and Spanish regulated markets. The extended timeline to Q2 2027 reflects the regulatory complexity typically involved in cross-border gambling industry mergers of this size, as authorities in multiple jurisdictions will need to review the combined entity's market position before approval.